Three Fintech Businesses Acing Customer Experience
In the article, we observe three booming Fintech companies that stand out from the rest for their
truly brilliant customer experience. Additionally, we will draw your attention to the FreySoft
services offered to the business, in particular the Fintech market sector.
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Over the past few decades, we have witnessed technological solutions that significantly accelerate
the transformation of consumer experiences. Such achievements as automated banking (ATM; ATM
customer service ecosystem), online bill payments, and mobile banking applications have enhanced
the client experience in finance and payments.
Innovators are increasingly broadening the vision of financial services, providing brand-new
proposals. Most of the innovations are introduced by new market participants – Fintech startups.
Fintech is a movement that has led and will continue to lead to transformative and disruptive
innovation for financial services. They apply the latest and bringing in returns technologies that
address consumer needs through automation.
The advantage of Fintech startups is that they are not burdened with legacy systems and processes. As a result, these organizations can move faster and develop solutions that directly compete with traditional financial services.
WorldRemit is a UK money transfer startup, serving above four million customers in over 150 international countries since 2010. Its service offers bank transfers, cash withdrawals, mobile money, WorldRemit wallet, and airtime top-ups.
WorldRemit is a low-cost alternative to traditional money transfer services. You can send money anytime and anywhere using the WorldRemit website or mobile app. It makes solution very attractive and convenient for the customers all over the world. There is no need to go to the bank agent, stand in the queue, and wait. Everything happens online, so WorldRemit’s fees are more affordable than many of its competitors.
The customers value Fintech solution also for top security and fast delivery. You need to know your bank account or mobile wallet number. After, the recipient just sets up an account on his phone and receives transfers without leaving home.
Its customer service
Based on in-depth user service analysis of WorldRemit clients’ reviews, the Fintech startup provides an overall positive customer experience, from affordable transparent costs to well-prepared security information for its website.
Our research on its user experience also showed that some customers were confused with the unclear wording in certain sections of the website. Despite this, the majority of its users are ready to understand the features of WorldRemit and to move on, transferring money. It is maximum convenient in use, affording various delivery methods and securing the clients’ data at a high level.
Depending on the direction of the transfer, you can receive the delivery either directly to a bank account, to a mobile wallet, or in cash at partner points of payment transfers.
According to World Bank Q4 2019 data, WorldRemit digital money transfers save customers an average of 25% when sending $200 compared to other global money transfer providers. Offering consumers such favorable and competitive prices is critical and incredibly valuable in today’s challenging times – as a result, this financial solution brings more potential users and a high in returns of profit to the business.
Cashoff is an international Fintech company founded in 2013. The startup’s developments are based on Big Data analysis and Artificial Intelligence technologies, as well as other personalized data-based solutions.
Cashoff creates a cloud service for personal finance management. By integrating into the personal accounts of banks, Cashoff developers help them predict consumer behavior and segment the customer base. As a result, it ultimately increases loyalty and transactional activity.
For the convenience of users, the engineering team has created an application that allows the customer to track all financial flows in one place, analyzes cash flows, identifies patterns, and generates personal recommendations for effective financial planning.
In Internet Banking and Mobile Banking, Cashoff is able to import balances of accounts of mobile operators and transactions from web wallets (MTS, Beeline, Megafon, QIWI, and others). It analyzes information about income and expenses, builds distribution charts by category and location, manages cash, budget and goals.
In 2017, Deloitte listed Cashoff as one of the top ten Fintech companies. In 2019, Cashoff won the Global Banking & Finance Awards, received the Digital Innovation award from KPMG, and also entered the list of top 30 IT-companies in Asia, compiled by the publication of The Silicon Review.
Its customer service
After analyzing the user experience of the service Cashoff and various customers’ reviews, we can resume the next:
- Cashoff additional innovative tools such as gamification (smart advice from an intelligent assistant and rewarding financial goals) and targeted approach ensure active consumer engagement.
- The automatic download of the receipt when using loyalty cards to pay for purchases is the exceptional advantage of the high-quality customer service.
- In one screen mode, the user can see all available bank cards and accounts, electronic and virtual cash wallets, products of cellular operators and network loyalty programs.
- Due to the systems for analyzing consumer preferences and drawing up individual client proposals, the user can quickly and conveniently get beneficial offers.
In 2015, Revolut launched an online currency exchange service that gained global popularity among customers. In their personal and corporate accounts, Revolut helps clients improve their financial condition, gives them more control over their finances, and easily connects people all over the world.
The Revolut gives you a beneficial opportunity to have accounts in any country. You no longer need to go to the bank, open a new account for yourself. The mobile application and a payment card tied to several dozen accounts in dollars, euros, and other currencies at once. It allows the customer to convert money without commission.
The traditional bank will charge you a spread, and a commission for using ATMs. With the Revolut, money transfers and currency conversion is free, at the interbank rate.
Its customer service
The service is very simple in use. Most importantly, it facilitates all financial transactions to such an extent that the user is able to exchange currency, pays with it and transfers funds to other clients in a matter of minutes.
Revolut has admirable reviews on the majority of independent reviews’ sites. Its average rating is 4.5 out of 5 stars. The features its users go for the Fintech service:
- Ease of use and convenience of the mobile application
- Translation speed and excellent conversion rates
- Instant replenishment of an account from a bank card
However, negative reviews cannot be ignored. Thanks to them, we are able to find out what problems customers may encounter when using the service. We analyzed all negative reviews, and distinguished them into 3 groups:
- inaccessibility of customer support
- blocking of accounts upon expiration of the card
- delay in payments for international transactions
According to the Crunchbase platform, since Revolut release, the startup has managed to attract investments of more than $330 million. Two years ago, Revolut was valued at $1.7 billion. Now a fresh round of investments is in progress.
Following their footsteps…
Do you want to create brilliant digital customer experiences of your own? FreySoft developers work individually with each client, building innovative products, creating up-to-date features, or speeding up existing development processes. In one place you will receive a full range of software development services necessary for the growth of your industry-specific business, in particular the financial market sector.
We work both with existing technology-based companies and start-ups. Launching a startup during a crisis is always a difficult and quite challenging affair, and especially in an overheated market. They have to compete with both just growing businesses and large corporations. In these conditions, we consider that niche projects which wisely solve specific problems of clients will “shoot out”. FreySoft – the young, motivated and creative team – can help you within the IT transformation journey.
If you don’t have a wow idea yet, then ask yourself two key questions. What problem are you solving and what will be the competitive advantage of your product? Yes, your product idea can probably not seem revolutionary or may not impress the average consumer. However, if the service fulfills its task, this is already a sign of a potentially successful business.
FreySoft team is open for your project work. We are ready to conduct both separate working sessions to find and refine concepts, and accompany sprints from idea to MVP. Check out our expertise and flexible engagement models on our site www.freysoft.com or contact us via request.